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FUND PHILOSOPHY

Contained headline inflation and slower growth is positive for fixed income market. It will not only help RBI to infuse necessary durable system liquidity but also opens up the possibility of further rate cuts. Global growth inflation dynamics also prompted other key central banks to maintain their growth supportive stance. All these factors are favourable for the domestic fixed income market. Hence, in the near term interest rate movement is likely to be range bound with softer bias. However, over the medium term, Government’s commitment towards fiscal deficit target, crude price movement, progress of monsoon and FII flows are likely to impact the market sentiment.

OVERVIEW OF MARKET

Indian equity and fixed income markets continued to remain volatile during the period, driven by changing expectations around the potential trajectory of the interest rate curve and eventual reversal of rate hike cycle. It was a classic tale of two halves, driven initially by expectations of a third consecutive softening inflation print. But record low levels of unemployment in the US and persistently high inflation reduces the probability of rate cuts in the immediate future. During the first two weeks of the month, equity markets were rangebound with an upward bias (+2%), before falling 4% to close the month 2% down. On the fixed income side, bond yields remained rangebound with upward bias, but the upmove became much more pronounced post the inflation data, with the benchmark 10-yr G-Sec breaching 7.40% after 3 months. In its last policy meeting for the financial year, RBI MPC voted 4-2 to maintain its stance and hike policy rates by 25 bps (cumulative tightening in FY23 of 250 bps), with the external members dissenting.

Although headline inflation numbers indicate that the worst may be behind us, core inflation continues to remain elevated. Additionally, multiple risk factors such as pressure on commodity supply chains from China reopening, impact on harvest from extreme weather events, continuing geopolitical conflicts remain. All of the above have combined to keep central banks hawkish. Though, with key growth drivers such as consumption & services sector showing signs of fatigue in the Q3 FY23 GDP figures, it remains to be seen how long central banks can continue sacrificing growth.

Q3 FY2023 results from listed companies point to improved margins and operating profit as commodity prices and other costs have eased off in recent months. Within Nifty, FMCG, IT, and Financial Services sectors outperformed while metals, media, & energy sectors underperformed the benchmark. During the period, FIIs sold equities to the tune of ~Rs 5,279 Cr while domestic mutual funds purchased equities (on net basis) of ~Rs 4,675 Cr*, respectively.

EQUITY

Equity markets have had to re-assess prior assumptions around inflation trajectories and subsequent rate cuts from central banks. With potential rate cuts now further out in the future, markets have repriced downwards and are expected to remain rangebound, building-in some time correction. Commentary on domestic demand from corporates also reflects likely slowdown due to higher inflation and increasing interest rates. Export demand has remained sluggish due to anaemic global demand.

In such a scenario, bottom-up approach and selective stock picking will hold the key. In the near term, sectors like Oil & Gas, Capital goods & Cement are likely to do well whereas sectors like IT and Pharma may underperform.

FIXED INCOME

Indian fixed income markets are likely to be driven by inflation trajectories of India and US, as well as the actions of US Fed. With the expectations of interest rate being elevated for longer period than expected, the yield curve might turn inverted in the foreseeable future. The current absolute yields appears attractive from medium term perspective. Given the shape of the yield curve, money market investments and short duration bonds look most attractive in the near-term.

INVESTOR PHILOSOPHY

Provide customers with the best solutions & services

Vision
To be the preferred Life Insurer; to ensure Safety, Liquidity and Profitability of funds, encompassing integrity and transparency in its operations, with an overall objective to meet the Reasonable Expectations of Policyholders.

Objectives

  • To invest the funds in matching assets, to the extent possible, so as to meet the liabilities as and when due
  • To effectively manage the portfolio of investments to yield optimum return
  • To be compliant with all Regulatory norms and to follow prudent practices in operations
  • To carry out the fund management activities in a cost efficient manner

COMPANY INITIATIVE

Constant growth and development

Attract and retain talent and imparts training to the manpower to develop the needed skill sets; In-house Research team and framework for informed fund management decisions. State of the art Investment Management System seamlessly integrating the Front, Mid and Back offices, to effectively manage risks, investment accounting, MIS etc

MODIFIED NAVCOMPUTATION

As per IRDA Circulars ref: IRDA/F&I/CIR/INV/173/08/2011 dated July 29, 2011 and IRDA/F&I/CIR/INV/187/08/2011 dated August 17, 2011, computation of Net Asset Value stands modified with effect from August 18, 2011, as below:

OLD METHOD NEW METHOD

Fund Nav

NAVs (in Rs) as on 22-Mar-2023

  • Sr. No.1

  • Fund

  • Segregated Fund Identification No.

  • NAV

1 Balanced fundULIF 001 18/02/09 SUD-LI-BL1 14232.1754SD001
2 Equity FundULIF 002 25/02/09 SUD-LI-EQ1 14259.2748SD002
3 Bond FundULIF 004 25/02/09 SUD-LI-BN1 14224.9621SD003
4 Growth FundULIF 003 25/02/09 SUD-LI-GR1 14252.5851SD004
5 Individual Pension Fund - EquityULIF 005 31/03/09 SUD-PI-EQ1 14250.7107SD005
6 Individual Pension Fund - BondULIF 008 31/03/09 SUD-PI-BN1 14224.9041SD006
7 Individual Pension Fund - GrowthULIF 006 31/03/09 SUD-PI-GR1 14241.7543SD007
8 Individual Pension Fund - BalancedULIF 007 31/03/09 SUD-PI-BL1 14231.7625SD008
9 Apex Equity FundULIF 009 20/01/10 SUD-LA-EQ1 14233.7760SD009
10 Apex Bond FundULIF 012 20/01/10 SUD-LA-BN1 14224.4037SD010
11 Apex Growth FundULIF 010 20/01/10 SUD-LA-GR1 14232.0988SD011
12 Apex Balanced FundULIF 011 20/01/10 SUD-LA-BL1 14230.2907SD012
13 Individual Pension Fund - Apex EquityULIF 013 20/01/10 SUD-PA-EQ1 14234.0085SD013
14 Individual Pension Fund - Apex BondULIF 016 20/01/10 SUD-PA-BN1 14223.6131SD014
15 Individual Pension Fund - Apex GrowthULIF 014 20/01/10 SUD-PA-GR1 14231.3481SD015
16 Individual Pension Fund - Apex BalancedULIF 015 20/01/10 SUD-PA-BL1 14229.5833SD016
17 Express Balanced FundULIF 017 29/04/11 SUD-LX-BL1 14224.6214SD017
18 Discontinued FundULIF 018 03/06/11 SUD-UL-DP1 14220.4181SD018
19 Individual Life - Bluechip Equity FundULIF 019 11/12/13 SUD-LI-EQ2 14225.4973SD019
20 Individual Life - Income FundULIF 020 11/12/13 SUD-LI-BN2 14217.9793SD020
21 Individual Life - Growth Plus FundULIF 023 11/12/13 SUD-LI-GR2 14223.8536SD023
22 Individual Life - Balanced Plus FundULIF 024 11/12/13 SUD-LI-BL2 14221.0512SD024
23 Unclaimed Policies Unit Linked FundULIF 025 09/11/16 SUD-LN-UUF14214.0086SD029
24 Group Debt FundULGF 003 20/03/15 SUD-GN-BN1 14215.8944SD027
25 Group Money Market FundULGF 004 20/03/15 SUD-GN-MM1 14211.5243SD028
26 Group Balanced FundULGF 002 20/03/15 SUD-GN-BL1 14212.5911SD026
27 Individual Life - Mid Cap FundULIF 026 14/10/19 SUD-LI-MID 14214.3536SD030
28 Individual Life - Gilt FundULIF 027 14/10/19 SUD-LI-GLT 14211.1155SD031
29 Dynamic FundULIF 028 11/06/21 SUD-LI-DYN 14210.5083SD032
30 Money Market FundULIF 029 11/06/21 SUD-LI-MMF 14210.5479SD033
Fund Philosophy

FUND
MANAGEMENT
TEAM

Get to know the
fund management team
at our company

Mr. Prashant Sharma

CHIEF INVESTMENT OFFICER

Qualifications: CA, CFA

Experience: More than two decades of experience of handling Investments. Prashant has been responsible for overall investment portfolios, formulating investment policies, generating reasonable returns and appropriate risk management. He has been also responsible for Corporate Strategy, Products, MIS and Assurance services in his previous roles and has been an active member of Executive Committee and Steering committees.

Prior to joining the company, he was Chief Investment Officer at Aviva Life Insurance. He was also associated with Max Life Insurance in the capacity of Chief Investment Officer in the past.

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Mr. Ram Kamal Samanta

HEAD OF FIXED INCOME

Qualifications: Post--graduation in Economics from JNU, PGDBA with specialisation in Finance, Chartered Financial Analyst (CFA – ICFAI India), certified Financial Risk Manager (FRM from GARP USA) and Certified Associate of Indian Institute of Bankers(CAIIB),Fellow of Life Insurance from Insurance Institute of India.

Experience: More than two decades of experience in financial markets (both fixed income and equity) as a research analyst and fund manager. Prior to joining SUD Life, he was with SBI DFHI LTD as Vice President, Investment for 13 years.

Guest speaker at various reputed institutes including Indian Institute of Management (IIM) Kolkata, National Institute of Securities Market (NISM) and National Institute of Bank Management (NIBM) Pune.

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Mr. Jagdish Bhanushali

FUND MANAGER – EQUITY

Qualifications: CFA (CFA Institute) & FRM (Global Association of Risk Professional)

Experience: Greater than 13 years’ of Experience in to Indian Equity Market. Prior joining SUD Life, he worked as Senior Equity Analyst with Florintree Advisors.

Along with being Equity Analyst, he was also associated as Guest Faculty with Mithibai College of Science & Commerce and SIES College of Commerce & Economics.

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Mr. Sujay Nimkar

FUND MANAGER - FIXED INCOME​

Qualifications: MBA (Finance) & B.E. (Mechanical)

Experience: 10+ years of experience in fixed income markets across rating agencies and Investment banks.

Prior to joining SUD Life, he was working as senior analyst with ICRA Ltd,He has also been associated with Deutsche bank, Credit Suisse and CRISIL Ltd.

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Mr. Jimesh Sanghvi

SR EQUITY RESEARCH ANALYST​

Qualifications: Chartered Accountant

Experience: More than 17 years of experience as an Equity Research Analyst for the Indian markets both on the buy side as well as sell side.

Prior to joining SUD Life, he was a senior Equity Research Analyst with Principal Asset Management covering multiple sectors.

He has also been associated with SBICAP Securities and Avendus Securities in the past..

Awarded Reuters Star Mine award for stock picking in Metals and Mining Sector during 2013 and 2014.

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Mr. Hasmukh Vishariya

EQUITY RESEARCH ANALYST​

A qualified Chartered Accountant started his career with the company in October 2017

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Mr. Rishav Jain

CREDIT ANALYST​

Qualifications: Chartered Accountant, B.Com(H)

Experience: 3 years post qualification experience, with 1.5 years as macro and credit analyst.

Prior to joining SUD Life, he was associated with PwC.

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Mr. Meet Kachhy

LEAD ANALYST ON ALTERNATE ASSETS​

Qualifications: MBA, CFA, B.E. (Hons)

Experience: More than a decade’s experience across investing (public & private markets ), corporate finance & strategy.

Prior experience includes stints at Goldman Sachs Asset Management, VC fund Jupiter Capital and education start-up XSeed.

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CHANGE IN VALUATION OF EQUITY

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